Instruments and Instrument Specifications

In banking, the product being sold is a financial instrument. This is a specialized, formal, legal document that specifies a legal arrangement whereby a bank either holds a customer’s money in trust, or lends the customer money. Also included in each case is a set of services provided by the bank to support these roles. Figure 20-1 shows that each Instrument must be managed by one or more Parties, and acquired by one or more Parties. In most cases, there is only one banker for an Instrument and only one customer for it. But there can be more complex instruments with more than one Party on either side of the transaction. In these cases the situation is more completely represented through the use of Instrument ...

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